Market Size of Veterinary Surgical Instruments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 6.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Veterinary Surgical Instruments Market Analysis
The veterinary surgical instruments market is expected to register a CAGR of nearly 6.5% during the forecast period.
The COVID-19 pandemic disrupted the veterinary surgical instruments market since, with the lockdown, the accessibility to the clinics was affected, which impacted the surgeries of animals. For instance, as per the report published by the American Veterinary Medical Association in September 2021, due to COVID-19, veterinary clinics had a challenging 18 months. Veterinary clinics saw only urgent cases in the early months of the pandemic as they ran as necessary enterprises. As the veterinary clinics were closed, the demand for surgical instruments lowered, significantly impacting the market growth. However, the rising adoption of pets and the increased focus on animal welfare are expected to bolster market growth in the coming years.
The market is expected to grow due to increased animal adoption and health expenditure. Also, the emergence of various animal diseases, associated surgical procedures, and technological advancements are among the key trends that may trigger market growth.
The developed countries represent a significantly large share of companion animal ownership, owing to favorable economic conditions and several other factors. According to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), around 70% of United States households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs. The same source also reports that the annual expenditure on a routine dog visit accounts for USD 242, whereas it is 178 for cats in the country.
Also, with rising technological advancements and increased expenditure on animal healthcare, devices and instruments became better, safer, and more precise. Adopting key strategies to advance surgical animal care will also boost the market. For instance, in April 2022, Orthomed partnered with Osso VR to bring RoVR surgical training to the animal health market. This first-of-its-kind training technology allows veterinarians to practice procedures anytime, anywhere in virtual reality (VR). Such technological integration is expected to improve surgical procedures' efficiency, increasing the number of surgeries performed and thus driving the market.
Thus, due to the increase in animal adoption and the rise in strategic activities by the key players, the studied segment is expected to grow over the study period. However, the increasing animal health costs and stringent regulations for approving such devices are restraining factors.
